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August 16, 2022
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Harvard Growth Lab Places Romania in Top 15 Economies Worldwide by GDP Growth Rate

The prestigious Harvard Growth Lab from Harvard University places Romania in the top 15 economies by the GDP growth rate over the next decade.

ChinaVietnamUgandaIndonesia, and India are projected to be among the fastest-growing economies by 2030. That is the conclusion of researchers at the Growth Lab at Harvard University, who presented new growth projections in The Atlas of Economic Complexity. The release includes the first detailed look at 2020 trade data, including significant disruptions to tourism and transport vehicle exports from the global pandemic. As the effects of the pandemic dissipate, long-term growth is projected to take off between Asia, Eastern Europe, and East Africa. China is expected to be the fastest growing economy per capita, even if the projection finds growth slowing from the country’s achievements over the past decade. The research finds that countries that have diversified their production into more complex sectors, like Vietnam and China, will experience the fastest growth in the coming decade.

Harvard Growth Lab sees Romania as a country with tremendous potential due to the complexity of its economy.

⁨Romania⁩ is ⁨an upper-middle-income⁩ country, ranking as the ⁨⁨44th⁩ richest economy⁩ per capita out of 133 studied. Its ⁨19.3 million⁩ inhabitants have a GDP per capita of ⁨$12,915⁩⁨ (⁨$32,099⁩ PPP; ⁨2020⁩)⁩. GDP per capita growth has averaged ⁨3.9%⁩ over the past five years, ⁨above⁩ regional averages.⁨

Romania⁩ ranks as the ⁨⁨19th⁩ most⁩ complex country in the Economic Complexity Index (ECI) ranking. Compared to a decade prior, ⁨Romania’s⁩ ⁨economy has become more complex, ⁩⁨improving ⁩⁨⁨9⁩ positions in the ECI ranking⁩. ⁨⁩Moving forward, ⁨Romania⁩ is positioned to take advantage of ⁨many⁩ opportunities to diversify its production using its existing know how.⁨ Romania⁩ is ⁨more complex than expected⁩ for its income level.

⁨However, its economy⁩ is projected to grow ⁨slowly.⁩ The Growth Lab’s ⁨2030⁩ Growth Projections foresee growth in ⁨Romania⁩ of ⁨2.9%⁩ annually over the coming decade, ranking in the ⁨top half⁩ of countries globally.

Harvard Growth Lab on the potential of the Romanian ecoomy by 2030

It’s not the first institute or think tank praising the Romanian economy’s potential. Yet, the Romanian people reading such news can’t help asking themselves when this potential will finally pour some money into their pockets.

In a country more famous for corruption than its economy, the average people have been waiting for this wealth to be finally felt when going to the supermarket, paying rent or going on vacations. Moreover, talking about 2030 to people waiting from 1989 to properly handle the capitalist change is so far-fetched that the study of the prestigious university will be unnoticed in the country.

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